Copley Square Hotel sold for $59.3 million

US: Cornerstone Real Estate Advisers has bought the Copley Square Hotel in Boston for $59.3 million.

The sale to the Connecticut-based real estate investment management firm comes six years after the 143-room boutique hotel was acquired by CapStar Hotel Co. for $32.5 million. CapStar spent $18 million renovating the property in 2008.

The building, in Boston’s Back Bay neighbourhood, first opened as a hotel in 1891.

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